Beginning Merchandise Inventory $11,20,000 Sales commission $ 5,850 Direct wage $ 1, 00,000 Other direct Expenses $1000 Factory Rent $ 11,000 Factory Building depreciation $ 20,000 Office managers salary $ 18,000 Advertising $ 5,900 Sales discount $2,500 Sales [?] Closing Merchandise Inventory $1,15,000 Merchandise purchased $ 2, 10,000 Purchase returns $ 15,000 Purchase allowance $5,000 Freight in $ 11,000 Ereight out $15.000

Q: Sales revenue Freight in Beginning inventory Purchases discounts 44,000 75,000 20,000 44,000 Sales…

A: The cost of finished and ready to sell goods is the cost of raw materials and labour used to create…

Q: Computing cost of goods sold, merchandising company Use the following information for The Windshield…

A: Cost of goods sold = Beginning inventory + Purchases + Freight in - Ending inventory

Q: Beginning merchandise inventory $27,000 Ending merchandise inventory 22,000 Purchases 80,000…

A: Solution:- Preparation of cost of goods sold as follows under:-

Q: Company: Salary payable Sales revenue P 1,100 480,000 20,000 Freight in Beginning inventory Sales…

A: Cost of goods sold: Cost of goods sold refers to the total expenses that are incurred by an…

Q: P 750,000 19. Sales revenue Freight in Beginning inventory 44,000 75,000 20,000 Purchases discounts…

A: Cost of goods available for sale means cost of goods which can be sold to consumers.

Q: 20. Lunch Co.'s records show the following information: Beginning inventory 60,000 Purchases 500,000…

A: Total cost of goods available for sale = Beginning inventory + net purchase + freight in Where,  Net…

Q: $32,000 5,700 Purchases discounts Merchandise inventory September 30 Sales $960 6,370 Purchases…

A: Net purchases refers to the net amount of purchases which is calculating as deducting returns,…

Q: Cost Retail Beginning inventory Purchases Freight in Purchase return Purchase allowance 340,000…

A: Working:

Q: Sales revenue Freight in Beginning inventory Purchases discounts 44,000 75,000 20,000 44,000 Sales…

A: Cost of goods available for sale means how much value or amount of goods are available

Q: Cost Retail Beginning inventory Purchases Freight in Purchase return Purchase allowance Departmental…

A: Retailers that resell goods use the retail inventory method to estimate their closing inventory…

Q: Sales P950,000 (credit)Sales returns and allowances 15,000 (debit)Sales discounts 10,000…

A: Solution: Net sales for the period is the amount of sales which is reduced by any Sales returns and…

Q: e following applied to Kate Company for the current year: Merchandise purchased for resale…

A: Solution: Inventoriable cost = Merchandise purchased + Freight in - Purchase return = 5000000 +…

Q: repare an income statement Presented is information related to Jay Co. for the month of January…

A: Income statement reports expense and revenue through which net income is calculated.

Q: Beginning Merchandise Inventory $11,20,000 Sales commission $ 5,850 Direct wage $ 1, 00,000 Other…

A: Formula: Conversion costs=Direct labor+Manufacturing overhead costs

Q: Instructions Longmire & Sons made sales on credit to Alderman Sports totaling $800,000 on April 18.…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: 7. The records of Lunch Co. on December 31, 20x1 show following information: Debits Credits…

A: An income statement is one of the important statements in a company's financial statements that…

Q: Auge Company annually purchases 1,000 tons of raw material at a cost of $100,000 with terms of 2/10,…

A: The net purchase (NP) amount is calculated by finding the difference between the gross purchase…

Q: Sales revenue $7 700 000 Cost of goods sold Beginning inventory $1 900 000 Purchases 4 400 000 Goods…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: PROBLEM 20 Cayden Company provided the following information: Inventory, January1 Cost Retail…

A: Retail inventory method is usually used by the retailers to value the inventory without keeping a…

Q: Purchases $32,000 Purchases discounts $960 Merchandise inventory September 1 5,700 Merchandise…

A: Net sales = Sales - Sales returns and allowances = $63,000 - $910 = $62,090 Net purchases =…

Q: Sales P950,000 (credit)Sales returns and allowances 15,000 (debit)Sales discounts 10,000…

A: Net sales = Sales - Sales returns - Sales discount

Q: 1) PEI Distributors purchases inventory in crates of merchandise. Assume the company began July with…

A: 1. FIFO Method - Under FIFO Method, Inventory purchased first is sold first.

Q: Please show the complete solution. Thank you so much. 1. On January 5, CRYSTAL LANCER Company…

A: Under the gross method of inventory, the recording of inventory is made at full price without…

Q: Question 4: Presented below is information related to ABC company as at 31/12/208 Cost Retail…

A: The question is based on the concept of Cost Accounting.

Q: Headache Co.'s records show the following information: 15. Purchases Purchase returns Purchase…

A: Gross Profit = Net Sales - Cost of Goods Sold Net Sales = Gross Sales - (Sales discounts + Sales…

Q: Retail Cost 500,000.00 1,285,000.00 Inventory, 12/31/2021 725,000.00 Purchases 2,220,000.00 Purchase…

A: The conventional retail inventory method refers to a method mostly calculated to estimate ending…

Q: a d Sales $ 62,000 $ 43,500 $ 46,000 $ 25,600 Cost of goods sold Merchandise inventory (beginning)…

A: Cost of Goods Sold (COGS) = Opening Inventory + Purchases made - Closing inventory     Gross Profit…

Q: Purchases $32,000 $960 Merchandise inventory September 1 Sales returns and Jallowances Purchases…

A: Formula: Net sales = Sales - Sales returns and allowances

Q: Cost Retail Beginning inventory Purchases 340,000 4,500,000 100,000 150,000 90,000 100,000 640,000…

A: Cost of goods sold include the entire amount related to cost like direct material, direct wages,…

Q: Account Name Debit Credit Sales 750,000 Sales Return & Allowances 15,000 Sales Discounts 10,000…

A: Net Profit is the measure of profitability used by the business. This is calculated by deducting all…

Q: nstruction:Prepare an income statement Presented is information related to DON CO. for the month of…

A: Income statement is one of the important financial statement which shows all incomes and all…

Q: Sales 5,250,000 Less: Sales Returns and Allowances 250,000 Net Sales 5,000,000 Cost of Goods Sold…

A: Lets understand the basics. Times interest ratio indicates how many times interest expense is…

Q: How much is the gross profit? 89,000 82,000 99,000 94,000 How much is the cost of goods sold?…

A: Net Sales = Sales - Sales Discount - Sales Returns = 230000 - 7000 - 15000 = 208000 Ending Inventory…

Q: Statement 1: The home office and branch report individual profits of P25,000 and P10,000…

A: The selling price is determined by the managers by adding the desired profit to the cost of the…

Q: ales 230,000 Sales Discounts 7,000 Sales Returns 15,000 Inventory, beg. 22,000 Inventory, end.…

A: Solution: Cost of goods sold is the cost of beginning inventory plus purchases cost and reduced by…

Q: 5   Purchased 3,500 units of inventory on account for $385,000 ($110 each) with terms 1/10, n/30.…

A: A journal entry is prepared by the company to record the non-economic & economic transactions of…

Q: Inventory, January 1 Inventory on hand, December 31 244,000 290,000 40,000 Inventory out on…

A: Explanation: The Cost of goods sold (COGS) includes All direct costs of products, that the company…

Q: Description   The following information is available for Inverness Ltd.’s second year in business:…

A: Accounts Receivables are those persons to whom business has made credit sales on account and amount…

Q: Beginning Merchandise Inventory $11,20,000 Sales commission $ 5,850 Direct wage $ 1, 00,000 Other…

A: Formula: Manufacturing Costs=Direct material+Direct labor+Manufacturing overhead

Q: 19. Sales revenue Freight in Beginning inventory Purchases discounts 44,000 75,000 20,000 44,000…

A: The cost of finished and ready-to-sell goods is the cost of raw materials and labor used to make…

Q: Cost Retail Inventory, 12/31/2021 500,000.00 725,000.00 Purchases 1,285,000.00 2,220,000.00 Purchase…

A: Cost ratio is the ratio which shows the retail price made up by cost. It is the ratio which is used…

Q: Sales Sales returns Sales discount P739,000 P45,000 16,000 65,000 180,000 10,000 Inventory, beg.…

A: The income statement is prepared to find net income or losses incurred during the period.

Q: MERCHAND SALES P 2,500,000 SALARIES EXPENSE 50,000 SUPPLIES EXPENSE 75,000 DEPRECIATION EXPENSE…

A: The income statement is prepared to find net income or losses incurred during the period.

Q: Sales Retums and Allowances $410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses -…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: Sales P 475,000 Sales Returns and Allowances Purchases 5,000 220,000 Purchase Returns and Allowance…

A: The net income is calculated as difference between sales revenue and total cost incurred.

Q: Dec 1 Purchased P1,250,000 inventory on account. Dec 3 Received P200,000 from a lessee as an advance…

A: Basic Accounting  Journal Entries Current Liabilities Extract from Balance sheet as required

Q: owned by Abner Bravo) for the three-month period ended March 31, 2020 Sales 500,000 Merchandise…

A: The direct costs of producing the commodities sold by a corporation are referred to as the cost of…

Q: Prob current year: 5,250,000 150,000 250,000 Purchases Purchase returns and allowances Rental income…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: Northwest Fur Co. started the year with S93,000 of merchandise inventory on hand. During the year,…

A: Formula: Net purchases = Purchases - Purchase returns + Freight - Purchase discount

Q: Cost of merchandise sold Based on the following data, determine the cost of merchandise sold for…

A: Formula: Net purchases = Purchases - purchase returns and allowances - purchase discount

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.